Uzbekistan Strengthens Startup Ecosystem Through Strategic Cooperation with Global Venture Companies
The Executive Director of IT Park Uzbekistan, Abdulakhad Kuchkarov, held meetings with representatives from leading international venture capital firms, including R136 Ventures, Network VC, and Silicon Valley Syndicate Club. These discussions underscored the significant interest of global venture organizations in Uzbekistan’s burgeoning startup ecosystem.
R136 Ventures
R136 Ventures, established in 2015, manages an investment portfolio valued at $420 million and actively supports startups in the United States, Israel, and Dubai. The company views Uzbekistan as a promising destination for expanding its investment projects and is prepared to collaborate with the government and IT Park Uzbekistan to foster the growth of the region’s startup ecosystem.
Victor Orlovski, Founder and Managing Partner of R136 Ventures, represented the company at the meeting.
He emphasized that R136 Ventures considers Uzbekistan a strategic market for expanding its investment footprint and expressed the firm’s readiness to engage with the government and IT Park Uzbekistan in nurturing innovative startups in the region.
R136 Ventures has expressed particular interest in establishing partnerships with IT Park Uzbekistan, the IT Park Venture Fund, and local accelerators to strengthen Uzbekistan’s startup ecosystem and stimulate entrepreneurial activity within the country. Discussions centered around opportunities for attracting investments to Uzbek startups, with a specific focus on sectors such as fintech, artificial intelligence, and B2B technologies.
Victor Orlovski expressed his desire to support the growth of startups in Uzbekistan, by bringing in partners and utilizing his expertise in venture capital and technological innovation. He intends to contribute to the international recognition of Uzbekistan and attract new IT companies through his network of connections. During the meeting, the parties also explored the integration of artificial intelligence training programs and the establishment of modern data centers.
Through its partnership with R136 Ventures, Uzbekistan will gain access to the expertise of international investors and technology specialists, thereby accelerating the development of its startup ecosystem and facilitating the implementation of innovative projects, including AI training and data center construction. This collaboration will open new opportunities for local startups, create favorable conditions for their growth, contributing to the strengthening of the country's economy through the enhancement of the IT sector.
Network VC and Silicon Valley Syndicate Club
Network VC is a venture capital fund and platform supporting a decentralized ecosystem of independent venture capital professionals.
Silicon Valley Syndicate Club, founded in 2020, connects private investors and business angels worldwide with promising startups.
Network VC and Silicon Valley Syndicate Club collectively have invested over $1 billion in various projects, supporting 65 startups over the past five years. They organize events in 46 countries, holding more than 100 industry events annually.
The meeting with Abdulakhad Kuchkarov, Executive Director of IT Park Uzbekistan, was attended by partners from Network VC — Andrey Moroz, who also leads Silicon Valley Syndicate Club, and Mikhail Kalendarev.
The discussion covered the potential for Uzbek startups to participate in regular international pitch sessions, as well as opportunities for attracting foreign investment into Uzbekistan’s IT projects.
Andrey Moroz highlighted active efforts of the Uzbek government to establish a startup hub, which offers unique growth opportunities for startups. As part of this initiative, the government aims to create a conducive entrepreneurial environment that fosters project development, job creation, and the attraction of significant investments from international players into local projects.
Mikhail Kalendarev also expressed confidence in the potential of Uzbek startups, noting that many are already well-positioned for scaling and international market entry.
As a result of the meeting, the parties agreed to sign a memorandum of cooperation and implement joint initiatives to support and promote local startups. Specifically, pitch sessions will be organized every three monthsб engaging prominent international investors and venture funds.
The collaboration with Network VC and Silicon Valley Syndicate Club will significantly contribute to the development of Uzbekistan’s startup ecosystem. This partnership with these investment firms will not only boost entrepreneurial activity but also create new opportunities for supporting innovative projects and attracting the capital necessary for startup growth in the country.